Unity Bancorp Reports Quarterly Earnings of $9.9 Million.

CLINTON, N.J: Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.9 million, or $0.97 per diluted share, for the quarter ended September 30, 2023, compared to net income of $9.7 million, or $0.95 per diluted share for the quarter ended June 30, 2023. This represents a 2.6% increase in net income and a 2.1% increase in net income per diluted share. For the nine months ended September 30, 2023, Unity reported net income of $29.9 million or $2.88 per diluted share, compared to net income of $28.5 million or $2.67 per diluted share for the nine months ended September 30, 2022. This represents a 5.0% increase in net income and a 7.9% increase in net income per diluted share.

James A. Hughes, President and CEO, commented on the financial results: "Unity's operating performance remains strong during this challenging economic environment. For the quarter, we achieved $9.9 million of net income, or $0.97 per diluted share. This represents 1.61% ROA and 15.84% ROE, which is among the highest in the community banking space.

Although...